"As a buyer, you can be quite confident that the bag is authentic if the seller also owns the NFT, and you can verify that the NFT was indeed originally created

"As a buyer, you can be quite confident that the bag is authentic if the seller also owns the NFT, and you can verify that the NFT was indeed originally created by Hermès by looking up its public transaction history. " ??? No, you have to verify that 'the bag' you get actually matches the NFT 'certificate'. Which is 'the hard part' making NFT's pointless at least in that scneario. But this: "We are starting to see this valuation framework being applied to the equities market today, where price movements are dominated by narratives about where the price is going and what other people are willing to pay for it, " is a huge underlying problem. Investors actually do a job - they put money in things that work and remove them from things that don't. If 'what works' is entirely just 'convincing others' than real productive output will fall. In the mean time, regular investors are going to get crowded out by the hustlers, making for a very interesting time.